MISC makes oil rig pledge

Kuala Lumpur: Following the successful delivery of its first oil rig, Malaysia International Shipping Corporation is now looking to invest in a further raft of rigs by 2012. MISC ceo Shamsul Azhar Abbas told Reuters, "The target is for offshore to contribute 6 to 7% of total revenue of MISC group over the next five years."

According to Reuters, MISC's oil-rig construction yard in southern Johor state currently contributes to approximately  2 % of its total revenue. The company's main earnings are from shipping LNG, crude oil and containers.  [03/04/07]